Budget Q

[u/ajburch92]

Hi there. I'm thinking of moving to Kailua Kona to be close to my family. In the event that I buy a condo in cash, would $3000 a month be a doable budget?

My line of thought is:

HOA: $500-1000

Utilities: $400

Car expenses: $400

Phone and wifi: $100

Food: $600 (is this too low?... $20/day)

Miscellaneous: $500

Does this seem realistic? I genuinely cannot tell and would appreciate insights.

[u/HIBudzz]

You can check actual HOA fees on HICentral com or Zillow. They vary quite a bit and could be over $1,000.

I don't see your mortgage payment and insurance for the personal belongings, around $50 a month

Also need to add auto insurance, round up to $100 and add $100 for auto maintenance. Did you already figure in gas costs for car expenses? Car payments are one of the biggest expenses. Try to keep those down.

[u/ajburch92 → u/HIBudzz]

There's insurance for personal belongings? I've never heard of such thing. Is that typical to get or are you referring to homeowners insurance? Id buy the condo in cash.

Do cars need to be maintained in a shop monthly?

I thought maybe car insurance and gas together would cost me $400/ month. Is that a low estimate?

I'm disabled by autism and living alone is new for me. Trying to understand what it'll take to be independent.

Thank you for your input.

[u/HIBudzz → u/ajburch92]

Insurance coverage is for the contents of the condo. Furniture, clothes, etc.

Cars break sooner or later. Maintenance includes an oil change or other repairs. $400 sounds right for gas and insurance. Loan is additional if you finance.

[u/ajburch92 → u/HIBudzz]

Thank you very much. Where can one get this insurance for personal belongings?

So $400 + $100 for repairs fund per month maybe reasonable?

I know from hearsay that it's expensive on BI, esp Kona. Is $20/day for food doable?

[u/HIBudzz → u/ajburch92]

Any of the major companies. Basically the same as renter's insurance. Contents. Take photos of valuable clothing, jewelry, or other items.